Treasury Signals Intention To Make Cryptocurrency Like Bitcoin Reportable On FBAR

For years, Treasury has advised taxpayers that virtual currency is not required to be reported on the Financial Crimes Enforcement Network (FinCEN…

That appears to be changing. FinCEN has now announced an intention to amend the rules to require FBAR disclosures for virtual currency like Bitcoin.

• Kelly Phillips Erb
• Forbes

Currently, United States persons are required to file an FBAR if they hold a financial interest in or signature authority over at least one financial account…

The reporting obligation may exist even if there’s no associated taxable income.

If you fail to file an FBAR, you can be socked with some pretty hefty penalties: up to…

• Treasury Signals Intention…